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作者：Green, T. Clifton; Huang, Ruoyan; Wen, Quan; Zhou, Dexin
作者单位：Emory University; Georgetown University; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We find that firms experiencing improvements in crowdsourced employer ratings significantly outperform firms with declines. The return effect is concentrated among reviews from current employees, stronger among early firm reviews, and also stronger when the employee works in the headquarters state. Decomposing employer ratings, we find the return effect is related to changing employee assessments of Career Opportunities and views of senior management. It is unrelated to work-life balance. Empl...
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作者：Appel, Ian; Farre-Mensa, Joan; Simintzi, Elena
作者单位：Boston College; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of North Carolina; University of North Carolina Chapel Hill
摘要：We analyze how frivolous patent infringement claims made by nonpracticing entities (NPEs, or patent trolls) affect startups' ability to grow and create jobs, innovate, and raise capital. Our identification strategy exploits the staggered adoption of anti-troll laws in 32 US states. The laws lead to a 4.4% increase in employment at high-tech startups-an increase driven by IT firms, a frequent target of NPEs. Increased access to financing, both venture capital and patent-backed lending, is a key...
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作者：Huang, Shiyang; Huang, Yulin; Lin, Tse-Chun
作者单位：University of Hong Kong
摘要：We hypothesize that when investors pay less attention to financial markets, they rationally allocate relatively more attention to market-level information than to firm-specific information, leading to increases in stock return co-movements. Using large jackpot lotteries as exogenous shocks that attract investors' attention away from the stock market, we find supportive evidence that stock returns co-move more with the market on large jack-pot days. This effect is stronger for stocks preferred ...
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作者：Leitner, Yaron; Yilmaz, Bilge
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Pennsylvania
摘要：We study a situation in which a regulator relies on risk models that banks produce in order to regulate them. A bank can generate more than one model and choose which models to reveal to the regulator. The regulator can find out the other models by monitoring the bank, but in equilibrium, monitoring induces the bank to produce less information. We show that a high level of monitoring is desirable when the bank's private gain from producing more information is either sufficiently high or suffic...
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作者：Costello, Anna M.
作者单位：University of Michigan System; University of Michigan
摘要：Suppliers are subject to the credit risk of their customers when they sell products on credit. However, rights to the collateral value of the products they sell may mitigate some of this risk. This paper demonstrates the important role of laws that support suppliers' rights to reclaim and liquidate collateral. Using a change in the US bankruptcy code that altered the rights of a subset of suppliers, I use a difference-in-differences setting to show that an improvement in suppliers' rights to t...
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作者：Ellul, Andrew; Pagano, Marco
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Center for Economic & Policy Research (CEPR); University of Naples Federico II
摘要：Corporate leverage responds differently to employees' rights in bankruptcy depending on whether it is driven by strategic concerns in wage bargaining or by credit constraints. Using novel data on employees' rights in bankruptcy, we estimate their impact on leverage, exploiting time-series, cross-country, and firm-level variation in the data. For financially unconstrained firms, results accord with the strategic debt model: leverage increases more in response to rises in corporate property valu...
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作者：Jegadeesh, Narasimhan; Noh, Joonki; Pukthuanthong, Kuntara; Roll, Richard; Wang, Junbo
作者单位：Emory University; University System of Ohio; Case Western Reserve University; University of Missouri System; University of Missouri Columbia; California Institute of Technology; Louisiana State University System; Louisiana State University
摘要：To attenuate an inherent errors-in-variables bias, portfolios are widely employed to test asset pricing models; but portfolios might mask relevant risk- or return-related features of individual stocks. We propose an instrumental variables approach that allows the use of individual stocks as test assets, yet delivers consistent estimates of ex post risk premiums. This estimator also yields well-specified tests in small samples. The market risk premium under the capital asset pricing model (CAPM...
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作者：Nicodano, Giovanna; Regis, Luca
作者单位：University of Turin; Collegio Carlo Alberto; University of Turin; University of Siena
摘要：This paper determines the optimal ownership share held by a unit into a second unit when both face a tax-bankruptcy trade-off. Full ownership is optimal when the first unit has positive debt, because dividends help avoid its default. Positive debt is, in turn, optimal when its corporate tax rate exceeds a threshold, and/or thin capitalization rules place an upper limit on the debt level in the second unit, and/or the Volcker Rule bans bailout transfers to the second unit. Full ownership is no ...
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作者：Aragon, George O.; Martin, J. Spencer; Shi, Zhen
作者单位：Arizona State University; Arizona State University-Tempe; University of Melbourne; University System of Georgia; Georgia State University
摘要：We use a unique data set of hedge fund long equity and equity option positions to investigate a significant lockup-related premium earned during the tech bubble (1999-2001) and financial crisis (2007-2009). Net fund flows are significantly greater among lockup funds during crisis and noncrisis periods. Managers of hedge funds with locked-up capital trade opportunistically against flow-motivated trades of non-lockup managers, consistent with a hypothesis of rent extraction in providing crisis e...
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作者：Hong, Harrison; Xu, Jiangmin
作者单位：Columbia University; Peking University
摘要：We infer the latent social networks of investors using data on their stock holdings. We map linkages to portfolio weights using a portfolio-choice model. The precision of an investor's private signal about firm value is assumed to increase with his connections in the city where the firm is headquartered. Using money-manager data, we find that managerial linkages to a city are overly dispersed relative to the Erclos-Renyi model of i.i.d. connections. Managers at the tail of this distribution wi...
